Earned Wage Access or EWA allows employees to access a portion of their ‘earned’ salary as they need it – as opposed to having to wait until payday.
Up until now, if Australians have needed extra money for an unexpected expense some of the only solutions they’ve had are payday loans, ‘buy now pay later’ options or credit cards – all of which put them into debt.
Independent research commissioned by EWA provider Paytime shows many Australians would like to be able to access their earned pay before payday and a growing number of companies are beginning to offer the solution as an incentive for staff.
ADDEX Group which provides labour hire for mines around Mt Isa in Queensland recently introduced EWA for their staff – workers can access a portion of their salary through an app on their phones.
Manager Lisa McConnachie says 80% of staff have already signed up for it.
“Our miners are using it to cover themselves for unexpected expenses. It’s giving them access to their money for shifts they’ve worked already that they might not get paid for straight away,” says Ms McConnachie.
